"Accordingly, the group will not operate its existing large-format department stores at Metro Paragon and Metro Causeway Point upon the conclusion of the existing lease arrangements for those locations," the company said.
CNA Games
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As part of its shift in retail strategy, the group is exploring a range of other concepts, including smaller-format stores, multi-specialty outlets, curated shopping experiences and pop-up store initiatives.
Metro said that it is in discussions with its current landlords as well as other landlords regarding the rollout of new multi-concept retail stores.
It added that its management has begun assessing potential sites, taking into account factors such as location suitability, rental terms, financial viability, implementation timelines and operational considerations.
The timeline and scope of the transition remain under review and subject to detailed execution planning, Metro said.
The company is also assessing the financial implications of the move and said it is not yet able to quantify the full impact on earnings.
However, the board said it does not expect the transition to have a material effect on the group's consolidated net tangible assets or earnings per share for the financial year ending Mar 31, 2027.
It will also continue pursuing opportunities through Grand Brands Asia, its brand management joint venture that focuses on international retail brands and immersive concept stores.
Metro said it will provide further updates when there are material developments relating to the implementation of its new retail strategy.
The homegrown operator closed its six-storey flagship store at The Centrepoint in 2019, while it also previously ran outlets in City Square and Compass Point in Sengkang.
Continue reading...
CNA Games
Show More Show Less
As part of its shift in retail strategy, the group is exploring a range of other concepts, including smaller-format stores, multi-specialty outlets, curated shopping experiences and pop-up store initiatives.
Metro said that it is in discussions with its current landlords as well as other landlords regarding the rollout of new multi-concept retail stores.
It added that its management has begun assessing potential sites, taking into account factors such as location suitability, rental terms, financial viability, implementation timelines and operational considerations.
The timeline and scope of the transition remain under review and subject to detailed execution planning, Metro said.
The company is also assessing the financial implications of the move and said it is not yet able to quantify the full impact on earnings.
However, the board said it does not expect the transition to have a material effect on the group's consolidated net tangible assets or earnings per share for the financial year ending Mar 31, 2027.
It will also continue pursuing opportunities through Grand Brands Asia, its brand management joint venture that focuses on international retail brands and immersive concept stores.
Metro said it will provide further updates when there are material developments relating to the implementation of its new retail strategy.
The homegrown operator closed its six-storey flagship store at The Centrepoint in 2019, while it also previously ran outlets in City Square and Compass Point in Sengkang.
Continue reading...